Fluorescent Lighting Market Global Analysis with Focus on Opportunities
Posted by Sakshi Mishra on December 4th, 2020
Fluorescent lighting is a technology utilized in commercial and residential complexes which are efficient and cooler than incandescent lamps. The light is caused by a chemical reaction between mercury vapor and gases. Market Research Future’s report on the global fluorescent lighting market is a compilation on latest trends and opportunities for the industry for the period of 2017 to 2023 (forecast period). The COVID-19 pandemic and its effects are highlighted in the report.
The global fluorescent lighting market was valued at USD 4.87 billion in 2018. It is expected to reach USD 14.01 billion by the end of the forecast period. It can expand at a CAGR of 16.3% over the forecast period. The huge demand for environment friendly lights and adoption of lights with a long shelf life are major drivers of the market. Rapid urbanization and advanced lifestyles are key trends driving the market demand in the coming years. Solid-state lights such as LEDs, OLEDs, and others consume less energy and generate low heat. Support initiatives by governments and modernization of cities can scale the market size till 2023.
The COVID-19 outbreak has led to heavy losses in the lighting industry and compelled prominent players in transforming their value chain. The fluorescent lighting market can witness a resurgence in 2021 owing to demand from the commercial sector.
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By type, the fluorescent lighting market has been segmented into cold cathode fluorescent lamp (CCFL), linear fluorescent lamps (LFL), and compact fluorescent lamps (CFL). The CFL segment has been further segmented into integral CFL, plug-in CFL, screw-based CFL, adapter CFL, and pin-mounted CFL.
By installation, the fluorescent lighting market has been segmented into new installation and retrofit.
By application, the fluorescent lighting market has been segmented into residential, commercial, and industrial. The industrial segment is likely to generate huge demand in the market owing to adoption of SSL in the automotive sector owing to long battery life and efficiency of these lights.
Europe is expected to dominate the fluorescent lighting market during the forecast period. Rapid developments in lighting and smart lighting market are expected to assist its sustaining its position in the fluorescent lighting market. The expanding population, rising industrialization, and demand for electricity can drive the regional market growth.
The market in Asia Pacific is expected to be in the second position and grow at a faster rate during the forecast period due to rapid development in the semiconductor industry, electronic components manufacturing, and wireless technologies across the region. China, South Korea, Japan, and India are expected to dominate the fluorescent lighting market during the forecast period. Rise in per capita income levels and rapid urbanization can influence the market growth.
North America is expected to occupy the third position in terms of market share due to the early adoption of the latest technologies and the presence of global players such as General Electric. The U.S. is expected to dominate the fluorescent lighting market during the forecast period. However, the market in Canada is expected to grow at a higher rate during forecast period. Whereas, the market in Mexico is expected to grow at stable rate till 2023.
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Koninklijke Philips NV, Dialight PLC, Nichia Corporation, Toshiba Lighting and Technology, Cree Inc., Eaton Corporation Inc., Emerson Electric Co., OSRAM Licht AG, Bridgelux, Panasonic Corporation, Schneider Electric SE, Everlight Electronics Co Ltd, and General Electric Company are key players of the global fluorescent lighting market.
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About the AuthorSakshi Mishra
Joined: September 30th, 2020
Articles Posted: 512
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